American consumers can justly give themselves a collective pat on the back, as shoppers across the country tightened their wallets and reduced their spending by lowering overall credit card debt by 11 percent in 2011.
This information, gathered by CreditKarma.com, reveals that consumers are getting wise to the dangers of high credit card debt, and acting accordingly.
Of course, consumer credit card debt remains at a high level overall, which is why so many Americans have asked how Chapter 7 bankruptcy can help them escape their debt woes.
As reported by CNN.com, taking information from CreditKarma.com, credit card debt is losing momentum fast:
Debt decline. In 2011, average credit card debt loads dropped in all 50 states, and by a total of 11 percent nationwide.
Currently, mortgage rates are at historic lows, and everyone is considering refinancing their mortgage. But sadly many homeowners are finding that they don’t qualify for mortgage refinancing. If you are planning on refinancing your mortgage loan, but not sure when to start, here are some important things that should be avoid while mortgage refinancing:
One of the major reasons for denial of a loan application is a lack of home equity which translates to a loan-to-value ratio. Individuals who opted for fixed rate mortgages may have sapped their home equity by cash-out refinancing frequently. D
Most of the time when our finances are out of whack, the problem can be easily identified its us.
Well . . . it may be easy to identify the problem from the outside. But for people who are embroiled in a gruesome game of self-deception, I guess its not so easy to identify.
Short of an intervention, here are a few tricks and tips to keep more of your money in your pocket.
The headline says it all shopping should never be considered a sport.
I went under financially back in 2007 and 2008. As a result of my troubles, I totally destroyed my credit.
Over the last year and a half, fixing my credit has become an obsession. I have increased both my Equifax by 48 points and my Experian by 36 points in 12 months. To rebuild my credit, I had to get new cards. I got one last year with a $300 limit and in December, I got another with a $700 limit. I put my NetFlix on one card, and my toll charges on the other. That’s about it.
I basically keep the balance of each at less than $100 a month. If they go over that $100 mark, I pay them off immediately. The impact on my credit rating as a result of finally having two cards appears to be inconsistent. On one hand, I am rewarded by having two credit cards.
The Federal Trade Commission announced last week that it has settled with Michigan-based debt collection company Asset Acceptance in the amount of $2.5 million, the second largest fine of its kind in U.S. history. While the settlement is good news for consumers who were affected, the details of the settlement are downright eyebrow-raising.
Here’s a look at some of the practices Asset Acceptance was charged with:
Collecting on debts past the legal statute of limitations for collection. In addition, it seems Asset Acceptance threatened consumers with lawsuits regarding their unpaid debts even when the statue of limitations for legal action had passed.
Failing to inform consumers that making payments could lead to future lawsuits. I
Some common kinds of credit card fraud acts include stolen credit cards, obtaining access to credit card information and identity theft. Usually in such a case, contacting credit card providers promptly to secure the credit card account and avoid further thievery can solve the problem. Government regulations eradicate or decrease a credit card fraud victim from monetary accountability for illicit charges or purchases. Consumers can help locate credit card fraud by closely examining their credit report frequently and probing credit card account receipts for factual errors.
What do you spend on eating out every month? Is it an embarrassing amount?
We were shocked a few years ago when we added up 3 months of eating out: $745 in March, $925 in April, and $865 in May. No fancy dinners, no steakhouses, just lunches, mid-level restaurants, and fast food.
There has definitely been a shift going on in this country over the past 10-20 years about how we view eating out. What was once a special treat a few times a week has turned into an almost everyday occurrence.
Today, its normal to eat out for lunch 4-5 times a week. Its normal to take the family out for dinner on Monday, Wednesday, Thursday, and Friday.
All 12 months of a fresh new year means 12 opportunities to get your credit shaped up and your budgeting under control. Here, experts offer one seasonally relevant idea for each month of 2012 to do exactly that.
Late fees on credit card bills are insidious for a couple of reasons: first, they add to the total amount you have to fork over to the credit card company, which means you get to keep less of the money you earn. And second, late payments look bad on a credit report and can sap your credit score.
When you apply for new lines of credit (including a home mortgage or a car loan), a weaker credit score will translate to higher interest rates, meaning that the cost of borrowing money will be higher.
So what can you do to make sure you don’t have to deal with the negative effects that late fees have on your finances in the present and the future? F
Most of the time when our finances are out of whack, the problem can be easily identified its us.
What do you spend on eating out every month? Is it an embarrassing amount?